A Chinese consortium signed a memorandum of understanding with an Algerian state-owned company on Tuesday to develop an iron ore mine in the North African country, according to Algerian state media.
The project will be carried out at the Gara Djebilet iron ore mine in the southern province of Tindouf, state radio quoted Energy Minister Mohamed Arkab as saying.
According to initial estimates, the project could cost more than $2 billion.
This is still an estimate.
The consortium, which includes China International Water & Electric Corp, Heyday Solar and Metallurgical Corp Of China, will work with Algeria's national iron and steel company, Feraal, on the project.
Algeria, an OPEC member, has been trying to attract foreign investment to diversify its economy away from oil and gas.
China Metallurgical Corp (601618) rose by its daily limit on March 31 to 3.42 yuan
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